Finance Directors’ Forum: what are the new innovations for CFOs

Posted on 20 June 2017

In the context of the disruption of today’s finance functions, Finance Directors and CFOs are looking for new solutions and innovations to adjust to the digitalization of their environment. Networking events such as the Finance Directors’ Forum aim at tackling these challenges by giving CFOs the keys to adjust to the changes. Last June 15th, over 120 CFOs and FDs from the UK gathered at the Four Seasons hotel in Mayfair London to focus on what is new in finance, and to better understand the impactors that are driving he future of the finance division. The event was, for them, the opportunity to discover new ideas and meet service providers such as Sidetrade, an attendee at the event.

The never-ending search for cost-effective solutions

Finance decision-makers’ main interest when attending the Finance Directors’ Forum is to meet suppliers and stay up to date with the latest finance innovations and trends especially as their main area of focus and objective in 2017 is to reduce cost and increase cash flow.

Ranging from what are the risks and opportunities for Britain post-Brexit to the new accounting standards every finance person needs to be aware of, the conferences and panel sessions at the FD Forum aimed at making the FDs and CFOs aware of the changes taking place in the finance world today.

In 2016, betting on the three great shocks of the year (Leicester City, Bexit and Trump) would have netted you odds of 4.5 million to one – Mark Littlewood, Director General, the Institute of Economics Affairs

2016 was an unprecedented year, and lessons have to be learned to assess the risks and opportunities for 2017 and beyond. Moreover, new regulations are coming in, such as new accounting standards. Therefore, finance decision makers, FDs and CFOs have to take those changes into account and adjust their strategy as well as their operational decisions.

Artificial Intelligence, the main point of interest

One of the main areas of interest shown at the event revolved around Artificial Intelligence, with attendees looking to better understand how markets, industries and departments will be impacted in the very near future.

This makes clear sense as it is predicted that within the next 10 years only 30% of UK jobs will remain as they are with AI playing a role in the changing landscape for the rest.

Cognitive technologies such as natural language processing and machine learning are transforming the way businesses can assimilate vast amounts of information, enabling them to make quicker, better-informed decisions. – Andrew Burgess, Leading Thinker on robotics and AI

Robots and Artificial Intelligence are a great opportunity and FDs need to know about it, especially since it is not just in driverless cars and high-frequency trading on stock but in performance management systems, customer engagement tools and finance processes. Machines using AI have already shown to outperform humans, with grandmasters of games such as Chess and GO beaten and left scratching their heads and questioning their strategy – do you want to wait to be doing the same?